President Biden's farewell address to the nation | Special Report

This is a CBS News special report. I'm Nora O'Donnell. President Biden is about to deliver a farewell address to the nation as his five decades of public service nears an end. This address is actually a tradition that dates back to George Washington. The 46th president came into office during the height of the COVID pandemic, saying he would be a bridge to the next generation. But his accomplishments have been overshadowed, and instead he becomes a bridge from one Trump administration to another. We expect Mr. Biden to tout his accomplishments, including today's ceasefire deal between Israel and Hamas and a historic investment in infrastructure. Biden also spearheaded support for the Ukrainians in their war against Russia. But his approval rating hovers at just under 40 percent. While Biden pulled America out of the war in Afghanistan, it was a violent and chaotic withdrawal. The situation at the southern border also dominated the 2024 election. Plus, inflation has many Americans saying it's hard to make ends meet. As you remember, President Biden fought for re-election until last summer, dropping out after a disastrous debate performance. His critics say it was too little, too late. Now, we did get a farewell letter released by the White House this morning. And in that letter, Mr. Biden said, I've given my heart and soul to the nation. Here now, the president. Fellow Americans, I'm speaking to you tonight from the Oval Office. Before I began, let me speak to important news from earlier today. After eight months of nonstop negotiation, my administration, by my administration, a ceasefire and a hostage deal has been reached by Israel and Hamas, the elements of which I laid out in great detail in May this year. This plan was developed and negotiated by my team. And it will be largely implemented by the incoming administration. That's why I told my team to keep the incoming administration fully informed, because that's how it should be, working together as Americans. This will be my final address to you from the American people from the Oval Office, from this desk as president. And I've been thinking a lot about who we are and maybe more importantly, who we should be. Long ago in New York Harbor, an ironworker installed beam after beam, day after day. He was joined by steelworkers, stonemasons, engineers. They built not just a single structure, but a beacon of freedom. The very idea of America was so big, we felt the entire world needed to see the Statue of Liberty, a gift from France after Civil War. Like the very idea of America, it was built not by one person, but by many people from every background and from around the world. Like America, the Statue of Liberty is not standing still. Her foot literally steps forward atop a broken chain of human bondage. She's on the march and she literally moves. She's built the sway back and forth to withstand the fury of stormy weather, to stand the test of time because storms are always coming. She sways a few inches, but she never falls into the current below. An engineering marvel. The Statue of Liberty is also an enduring symbol of the soul of our nation. A soul shaped by forces that bring us together and by forces that pull us apart. And yet through good times and tough times, we've withstood it all. A nation of pioneers and explorers, of dreamers and doers, of ancestors native to this land, of ancestors who came by force. A nation of immigrants came to build a better life. A nation holding the torch of the most powerful idea ever in the history of the world. That all of us, all of us are created equal. That all of us deserve to be treated with dignity, justice, and fairness. That democracy must defend and be defined and be imposed, moved in every way possible. Our rights, our freedoms, our dreams. But we know the idea of America, our institution, our people, our values that uphold it, are constantly being tested. Ongoing debates about power and the exercise of power. But whether we lead by the example of our power or the power of our example. Whether we show the courage to stand up to the abuse of power or we yield to it. After 50 years at the center of all of this, I know that believing in the idea of America means respecting the institutions that govern a free society. The presidency, the Congress, the courts, a free and independent press. Institutions that are rooted, they just might not reflect the timeless words, but they echo the words of the Declaration of Independence. We hold these truths to be self-evident. Rooted in the timeless words of the Constitution, we the people. Our system of separation of powers, checks and balances. It may not be perfect, but it's maintained our democracy for nearly 250 years. Longer than any other nation in history that's ever tried such a bold experiment. In the past four years, our democracy has held strong. And every day I've kept my commitment to be president for all Americans. Through one of the toughest periods in our nation's history, I've had a great partner and Vice President Kamala Harris. It's been the honor of my life to see the resilience of essential workers getting us through a once in a century pandemic. The heroism of service members, the first responders keeping us safe. The determination of advocates standing up for our rights and our freedoms. Instead of losing their jobs to an economic crisis that we inherited, millions of Americans now have the dignity of work. Millions of entrepreneurs and companies creating new businesses and industries, hiring American workers, using American products. Together, we've launched a new era of American possibilities. One of the greatest modernization of infrastructure in our entire history. From new roads, bridges, clean water, affordable high speed Internet for every American. We invented the semiconductor, smaller than the tip of my little finger, and now is bringing those chip factories and those jobs back to America where they belong. Creating thousands of jobs. Finally, giving Medicare the power to negotiate lower prescription drug prices for millions of seniors. And finally, doing something to protect our children and our families by passing the most significant gun safety law in 30 years and bringing violent crime to a 50 year low. Meeting our sacred obligation to over 1 million veterans so far were exposed to toxic materials and to their families, providing medical care and education benefits and more for their families. You know, it will take time to feel the full impact of all we've done together. But the seeds are planted and they'll grow and they'll bloom for decades to come. At home, we've created nearly 17 million new jobs more than any other single administration in a single term. More people have health care than ever before. And overseas, we've strengthened NATO. Ukraine is still free. And we pulled ahead of our competition with China and so much more. I'm so proud of how much we've accomplished together for the American people. And I wish the incoming administration success because I want America to succeed. That's why I've held my duty to ensure a peaceful and orderly transition of power, to ensure we lead by the power of our example. I have no doubt that America is in a position to continue to succeed. That's why my farewell address tonight. I want to warn the country of some things that give me great concern. This is a dangerous and that's a dangerous concentration of power in the hands of a very few ultra wealthy people. The dangerous consequences if their abuse of power is left unchecked. Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead. We see the consequences all across America. And we've seen it before more than a century ago. But the American people stood up to the robber barons back then and busted the trust. They didn't punish the wealthy, just made the wealthy pay that by play by the rules. Everybody else had workers want rights to earn their fair share. You know, they were dealt into the deal and help put us on a path to building the largest middle class, the most prosperous century any nation in the world has ever seen. We've got to do that again. The last four years, that is exactly what we've done. People should be able to make as much as they can, but pay, play by the same rules, pay their fair share in taxes. So much is at stake right now. The existential threat of climate change has never been clear. Just look across the country from California to North Carolina. That's why I signed the most significant climate and clean energy law ever, ever in the history of the world and the rest of the world trying to model it now. It's working, creating jobs and industries of the future. Now, we've proven we don't have to choose between protecting the environment and growing the economy. We're doing both. The powerful forces want to wield their unchecked influence to eliminate the steps we've taken to tackle the climate crisis, to serve their own interest for power and profit. We must not be bullied into sacrificing the future, the future of our children and our grandchildren. We must keep pushing forward and push faster. There's no time to waste. It's also clear that American leadership in technology is unparalleled, an unparalleled source of innovation that can transform lives. We see the same dangers, the concentration of technology, power and wealth. You know, his farewell address, President Eisenhower spoke of the dangers of the military industrial complex. He warned us then about, and I quote, the potential for the disastrous rise of misplaced power. End of quote. Six days, six decades later, I'm equally concerned about the potential rise of a tech industrial complex. It could pose real dangers for our country as well. Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power. The free press is crumbling. Editors are disappearing. Social media is giving up on fact checking. The truth is smothered by lies told for power and for profit. We must hold the social platform accountable to protect our children, our families and our very democracy from the abuse of power. Meanwhile, artificial intelligence is the most consequential technology of our time, perhaps of all time. Nothing offers more profound possibilities and risk for our economy and our security, our society. It's a very for humanity. Artificial intelligence even has the potential to help us answer my call to end cancer as we know it. But unless safeguards are in place, AI could spawn new threats to our rights, our way of life, to our privacy, how we work and how we protect our nation. We must make sure AI is safe and trustworthy and good for all humankind. In the age of AI, it's more important than ever that the people must govern. And as the land of liberty, America, not China, must lead the world in the development of AI. You know, in the years ahead, it'll help to be it's going to be up to the president, the presidency, the Congress, the courts, the free press and the American people to confront these powerful forces. We must reform the tax code, not by giving the biggest tax cuts to billionaires, but by making them begin to pay their fair share. We need to get dark money. That's that hidden funding behind too many campaigns, contributions. We need to get it out of our politics. We need to enact an 18 year time limit, term limit, time in turn for the strongest ethics and the strongest ethical reforms for our Supreme Court. We need to ban members of Congress from from trading stock while they're in the Congress. We need to amend the Constitution to make clear that no president, no president is immune from crimes that he or she commits while in office. The president's power is not limited. It's not absolute and it shouldn't be. In a democracy, there's another danger to the concentration of power and wealth. It erodes a sense of unity and common purpose. It causes distrust and division. Participating in our democracy becomes exhausting and even disillusioning, and people don't feel like they have a fair shot. We have to stay engaged in the process. I know it's frustrating. A fair shot is what makes America, America. Everyone's entitled to a fair shot, not a guarantee, but just a fair shot and even playing field. Going as far as your hard work and talent can take you. We can never lose that essential truth. Remain who we are. I've always believed, and I've told other world leaders, America can be defined by one word, possibilities. Only in America do we believe anything is possible. Like a kid with a stutter from modest beginnings in Scranton, Pennsylvania, in Claymont, Delaware, sitting behind this desk in the Oval Office as President of the United States. That's the magic of America. It's all around us. Upstairs in the residence of the White House, I've walked by a painting of the Statue of Liberty I don't know how many times. In the painting, there's several workers climbing on the outstretched arm of the statue that holds the torch. Reminds me every day I pass it of the story and soul of our nation and the power of the American people. There's a story of a veteran. This is a veteran, the son of an immigrant, whose job was to climb that torch and polish the amber panes so rays of light could reach out as far as possible. He was known as the Keeper of the Flame. He once said of the Statue of Liberty, quote, speaks a silent universal language, one of hope that anyone who seeks and speaks freedom can understand. Yes, we sway back and forth to withstand the fury of the storm, to stand the test of time, a constant struggle, constant struggle, a short distance between peril and possibility. But what I believe is the America of our dreams is always closer than we think. It's up to us to make our dreams come true. Let me close by stating my gratitude to so many people, to the members of my administration, as well as public service and first responders across the country and around the world. Thank you for stepping up to serve to our service members and your families. It's been the highest honor of my life to lead you as commander in chief. And of course, to Kamala and her incredible partner, historic vice president, she and Doug have become like family. To me, family is everything. My deepest appreciation to our amazing first lady who's with me in the Oval today, for our entire family. You're the love of my life and the life of my love. My eternal thanks to you, the American people. After 50 years of public service, I give you my word. I still believe in the idea for which this nation stands. A nation where the strengths of our institutions and the character of our people matter and must endure. Now it's your turn to stand guard. May you all be the keeper of the flame. May you keep the faith. I love America. You love it too. God bless you all. May God protect your troops. Thank you for this great honor. President Joe Biden, in his final Oval Office address to the nation, not only touting his accomplishments as president, 17 million jobs he says that he has created, also talking about strengthening NATO, and then ending his remarks with a warning. Warning of an unelected oligarchy of tech barons essentially taking power in America. President Biden's echoing Dwight Eisenhower's warning about a military industrial complex. That will certainly make news as it was striking to hear the president say Americans face a choice now to stand up to abuse of power or to yield to it. And then at the same time, wishing the new Trump administration well. I want to bring in Face the Nation moderator Margaret Brennan. It has been a busy day. We'll talk about the hostage deal. But first, the president's final remarks. Stand guard was a phrase he used. This was a warning, as you said. And that really is extraordinary. It wasn't the fond farewell perhaps that we were prepared for. With the president really just rattling off, as you said, a number of warnings of the guardrails of democracy that he says are in peril. One of them, our very industry. He said the free press is crumbling, pointing to social media, making that connection back to technology and lack of fact checking. He talked about the need to hold accountable social platforms. All of this seemingly in that space framed around some of the political forces of the moment who are aligned with Donald Trump, although his successor was not named there. Some of the CEOs who have come out and said that they're going to attend the inauguration. You have to imagine he wrote this with them in mind, but also warning on the national security front, saying that this next generation is going to be really shaped by artificial intelligence. A.I. said it is the most consequential technology and really called for safeguards there, having opened with the idea that we, he said, moved forward against China in that competition over this technology space, really warning that it's not just a foe from without that can weaponize technology, but from within the threats to the forces that are underpinning our democracy. Robert checking on the basics. Robert Costa is with us. Well, you've covered the president interviewed him several months ago. What did you make of his final speech? At one level, it was deeply personal. Nor you did see the photos of the family sitting behind President Biden, including his late son, Beau Biden. Earlier today, I was at the Capitol meeting with President Biden's close friends like Senator Chris Coons, and they expected him to advocate for his record. But what was most striking was what you mentioned, the echo of Dwight D. Eisenhower. January 17th, 1961, President Eisenhower, in his own farewell address, warned the nation of a so-called military industrial complex. Now, President Biden, as he departs the presidency, is warning of a, quote, tech industrial complex. And this comes as Elon Musk, the billionaire and others like Jeff Bezos, are prepared to sit on that dais at the inaugural for President-elect Donald Trump on January 20th. And you see President Biden, who began his career as Scranton Joe, as someone who was an advocate for working people, ending his presidency as someone underscoring his own progressive values, really sending a signal to the left in this country that he stood with them on their core economic issues. I want to bring in Weijia Jiang. She is our senior White House correspondent outside the White House. Weijia, you covered this president so closely. What do you make of how he made up this address, not only the accomplishments that he feels he did not get credit for, but also this warning in a very populous tone? Well, Nora, frankly, I expected much more about his accomplishments and his personal story in this farewell address, because White House sources had talked about, leading up to this moment, how this was not just an exit from the White House, but this was an exit from 50 years of his public service. And he really wanted this to be personal and positive and nonpartisan. But certainly his message was dark in many ways as he issued those warnings. And even though he did not mention any of his political opponents by name, including Trump, even though he did not talk about those tech tycoons who are now weaved into the Trump administration, certainly almost every warning he had was a veiled strike at them, whether it was missing disinformation, talking about the lack of fact-checking on social media platforms after Mark Zuckerberg announced their new policy, whether it was about the concentration of wealth—and you're talking about some of the richest men in the world now in his orbit—whether he's talking about AI safeguards. And so I thought it was really interesting that he chose to spend so much time on those things, Nora, instead of his legacy. But he will be making several more speeches this week, so he'll have more chances to do that. Nora. Nancy, thank you. I want to bring in our chief White House correspondent, Nancy Cordes. She is with President-elect Trump in West Palm Beach, Florida. And, Nancy, that warning from President Biden about what this new Trump White House may look like and, in his words, to stand guard, as Margaret said, or stand up to abusive power is what he was concerned about tonight. Right, Nora. In fact, he started this speech much in the same way he started his inaugural address nearly four years ago, talking about the need to defend democracy. And the subtext there is not going to be lost on Donald Trump or his supporters here in West Palm Beach, because normally when Joe Biden talks about defending democracy, he is talking about Donald Trump, who he has described several times as a threat to democracy. And what was fascinating was that even as Biden was speaking, Donald Trump was posting not on X, owned by Elon Musk, but on his site, Truth Social, that as he fills out the ranks of his administration, he doesn't want to hire anyone who has worked for someone he views as disloyal or as an enemy. And he actually helpfully put out a list of people who fit that category. He said, don't send me any names of anyone who has worked for Mike Pence, his former vice president, or Paul Ryan or Liz Cheney or her father, the former vice president Dick Cheney. I'm not hiring them. The message he's clearly sending, I only want to hire people who are true believers. Nancy Cordes in West Palm Beach, where that transition is underway. Nancy, thank you. Want to bring in our senior White House and political correspondent, Ed O'Keefe. And Ed, you heard President Biden mentioned the seeds are planted. He's talking about the idea. Well, you may not be feeling the benefit of all of my big policy ideas. I know inflation still exists, but the seeds are there and you will eventually feel them. That's right. As you mentioned, 39 percent approval rating, not the greatest number to go out with. But what he's hoping for, what he's signaling is that history is going to be kinder to him. And he's in recent interviews, he's lamented the fact that when various covid stimulus checks went out in the early years of his presidency, he didn't sign them and put his on them to reinforce that it was him who was helping Americans, believing now in hindsight that that would have helped in the short term, at least shore up the belief among Americans that he was doing what he could to help. And so saying the seeds are planted and they'll grow and bloom for generations to come. He's speaking to his infrastructure plan, the covid relief that was established, the fact that his administration at least worked to support and protect Ukraine and its ongoing struggle with Russia. And it's a statement that other unpopular presidents have made as well. George W. Bush is the one that comes to mind most immediately, who said, I'm more worried about what history will say about me. And even a few years removed since, given the whims of the Republican Party and the way the world has gone, history is already treating him kinder than it was in the beginning. To the point about oligarchy, Nora, also important to remember, he's not the first American president to warn of this. John Adams wrote about the few, the well-born and the rich and concerns that this country was going to put too much emphasis on them. This is a problem that's come up before and has been addressed. And he's signaling to his party tonight, focus on that, that populist message, and maybe that's the way to win back the White House. Ed O'Keefe, thank you. I also want to focus on the big news of the day carried out with the Biden administration. They've been working on this for months at the president's directive, this new ceasefire between Israel and Hamas and this hostage deal. Margaret, you've been at the forefront of this reporting. How will these three phases of this deal work? Well, this is a capstone for Joe Biden, foreign policy legacy so key to him. And it is Donald Trump who will have to execute it. So two of the three Americans still in captivity would come out in phase one. The other American, Adnan Alexander, would come out if Donald Trump can see this all the way through to the end. But it's 33 hostages, 42 days. If they get to phase two, which would be negotiated over the next six weeks by the Trump administration, as well as regional partners, Qatar, Egypt and Israel, they'd be able to get to potentially a full withdrawal in that second phase if they can get there. Ultimately, by phase three, they would be able to bring back and reclaim the remains of some of the Americans who died in captivity. The president's incoming national security adviser suggested that hostages could be being hugged by their families as Donald Trump is sworn into office. Is that a possibility? Perhaps even the day prior. By Sunday, we expect to see the first female captives released. Thank you, Margaret Brennan, Robert Costa, to all of our correspondents. Our coverage will continue on CBS News 24-7, your local news, and some of you on CBS Evening News. I'm Nora O'Donnell. Thank you for joining us. Join us Monday for the inauguration of Donald Trump.